JSW Energy Ltd.'s arm received a Letter of Intent for procurement of pumped hydro energy storage from Maharashtra State Electricity Distribution Co.
The company's subsidiary, JSW Neo Energy Ltd. will procure 1,500 megawatt/12,000 Megawatt-hour of pumped hydro energy storage, the company said in an exchange filing on Tuesday.
The Bhavali Pumped Hydro Project will feature an eight-hour discharge capacity with a maximum of five hours of continuous discharge, the statement said. The LoI is for providing energy storage capacity for 40 years.
After this, the company's locked-in energy storage capacity stands at 16.2 GWh which includes a pumped hydro storage capacity of 14.4 GWh and battery energy storage capacity of 1.8 GWh, it said.
"Our proven expertise in constructing hydro plants and managing the largest private-sector hydro portfolio uniquely positions us to develop hydro-pumped storage projects," said Sharad Mahendra, joint managing director and chief executive officer of JSW Energy. "These energy storage projects are crucial for achieving our NDC targets and are a perfect complement to modern clean energy systems."
Shares of JSW Energy closed 1.51% lower at Rs 722.00 apiece on Tuesday, compared to a 0.05% decline in the NSE Nifty 50.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.